Maximizing your homestead benefits when moving
Maximizing Your Homestead Benefits When Moving
Are you considering a move and wondering how it will affect your Homestead exemption and benefits? Understanding the process of transferring your ‘Save Our Home’ benefit can save you a significant amount in property taxes. Here’s what you need to know to make the most of your Homestead status when relocating.
What is a Homesteaded Property?
A Homesteaded property is your primary principal residence where you reside for more than half the year—specifically, 6 months and 1 day or more. This designation is not just a title; it’s a beneficial status that can offer substantial property tax exemptions and protections.
Applying for Homestead on Your New Property
If you’re moving to a new residence and plan to make it your primary home for the required time, you’ll need to apply for a Homestead exemption through your county property appraiser’s website or office. This step is crucial to ensure you continue to receive the tax benefits associated with Homestead properties.
Transferring ‘Save Our Home’ Benefits
The ‘Save Our Home’ benefit is a valuable aspect of Florida’s Homestead exemption. It caps the annual increase in the assessed value of your Homesteaded property, potentially saving you thousands of dollars over time. When you move, you can transfer this benefit to your new Homestead by filing a DR-501T form, available on your county property appraiser’s website.
Lee County Residents: Know Your Benefit Value
For those residing in Lee County, the value of your ‘Save Our Home’ benefit is listed on page 2 of your TRIM (Truth in Millage) notice. This figure represents the potential tax savings you can carry over to your new property. For instance, a Homestead owner with a benefit of $148,321 can transfer this amount to their new Homestead, reducing the taxable value and, consequently, the property tax due.
Conclusion
Relocating doesn’t mean leaving behind the financial benefits of your current Homestead. By applying for a new Homestead exemption and transferring your ‘Save Our Home’ benefit, you can continue to enjoy reduced property taxes. Ensure you meet the residency requirements and file the necessary forms to secure your savings.
